Following are the three important basic questions associated with every economic activity. 1. What to produce and how much to produce? 2. How to produce? 3. For whom to produce? Answer to these questions decide the relevance of economic activities. Complete the table based on the findings related to the basic economic problems of an economy. What to produce and how much How to produce to produce For whom to produce It is very important to use the available resources and to decide what to produce for the welfare of the society How to produce is decided on the basis of the availability of resource and technology
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